Why today could be the best time to get your holiday money
The pound jumped to a one-month high against the euro and the dollar following the announcement that Britain and the EU have agreed to a Brexit transition deal
BRITS going abroad for Easter could get more euros for their pound if they get their holiday money today.
The pound jumped to a one-month high against the euro and the dollar today following the announcement that Britain and the EU agreed to a Brexit transition deal in Brussels.
EU’s chief Brexit negotiator Michel Barnier announced today that he and Brexit Secretary David Davis had made a "decisive step" towards agreeing a joint legal text on the UK’s EU withdrawal.
Sterling jumped by 0.63 per cent to a one-month high against the euro with one pound buying €1.1426.
Against the dollar, the pound rose by 1 per cent to $1.480, extending its earlier gains.
These are the rates at which banks are buying and selling the currencies between each other.
Foreign exchange companies set their own rates, and often include a commission when they sell you foreign currency.
Today, you'll get about 1.13 euros and 1.39 US dollars and for every £1.
We spoke to some currency experts to get their view on what holidaymakers should do.
Andrew Hagger, of, told the Sun Online: "As Brexit negotiations continue the pound has strengthened today - this means you'll get more Euros for your pound.
"So if you're off to Europe later this year and have some spare cash tucked away, it looks like a good time to buy some holiday money in advance.
ALTERNATIVES TO HOLIDAY CASH
BEFORE you go on holiday, you can make sure you’re prepared to get the best rate.
- A specialist credit card, such as the Creation Everyday or Halifax Clarity Mastercard, are a good way to secure the best rates and avoid paying fees.
- You MUST remember to pay these off in full every month.
- If you want to lock in a rate then you could get a pre-paid card from the likes of FairFX, Travelex or the Post Office.
- Beware of fees, as some charge you for loading them with money, spending and withdrawing cash.
- MoneySavingExpert.com recommends Mastercard’s Revolut, Weswap and Monzo - but check the terms and conditions of each card before applying.
"The benefit of buying while the exchange rate is up means that you lock in at that exchange rate."
"There's no guarantee that rates won't get even better over coming weeks, but it still makes sense to purchase a little whilst the going is good."
One way to save money on foreign currency is with a specialist currency card, like the ones provided by .
You top these cards up online using pounds, and they work like a normal debit card when you're abroad - but without the fees.
This has the added bonus of not exchanging a penny more than you need, and you're saved the hassle of carrying loads of cash everywhere.
Andrew Hagger added: "It's probably best is you've got a prepaid currency card that you can top up as buying physical currency by post will mean paying delivery charges if you're only buying £200 or £300 pounds worth.
Travel money expert, is also urging holidaymakers to start looking at exchange rates now to get the best value for money.
Exchange rate volatility makes smart money planning essential, and FairFX analysis of rates in the three months leading up to the school summer holidays in 2017 showed that rates can vary by up to 10 per cent across popular destinations.
More about currencies and holidays money
Ian Strafford-Taylor, the boss of FairFX, said: "Failing to consider currency early on is one of the biggest traps stopping consumers getting the best value holiday.
"As a matter of course, exchange rates fluctuate throughout the year – something we’re experiencing even more so following the Brexit referendum.
"Following today’s announcement that the UK and EU have agreed on a significant part of the Brexit agreement, the pound to euro exchange rate has seen an improvement.
"This is a prime example of how exchange rates can fluctuate around political events and this is something savvy holidaymakers should be aware of when organising their travel money."
Of course, if you're worried you can always exchange a portion of your currency now, and the rest later.
This means that regardless of whether the rate then goes against you or in your favour, you’ll have benefited from the higher exchange rate on at least half of your currency.
Hannah Maundrell, editor-in-chief of, said: "Trying to predict what will happen to the exchange rate is impossible.
"If you’re happy with today’s rate which has currently risen due to the hope of a transitional deal then that’s great.
"However, you never know which way currency will go so if you have a holiday booked perhaps buying half now and half closer the time means you won’t feel so bitter if it doesn’t go in your favour."
Use comparison tools like MoneySavingExpert’s TravelMoneyMax to compare, pick-up and pre-order rates.
It’s also worth checking out local independent bureaus on the high street near you.
STERLING RISE Pound hits one-month high against the euro and dollar as Britain and EU reach Brexit transition deal
But whatever you do, don't buy or sell currency at the bureau in the airport as the rates are really poor and you'll get a bad deal.
Airport currency exchange kiosks know they've got you trapped, so they can charge ridiculous commissions or offer rubbish rates.
If you do leave it until the last minute you can arrange to pick up your currency and secure a better rate.
Even if you ignore every other tip, just make sure you get your euros before you arrive for your flight.
We pay for your stories! Do you have a story for The Sun Online Money team? Email us at [email protected] or call 0207 78 24516. Don't forget to join the for the latest bargains and money-saving advice.